Ministry of Industry and Trade: U.S. sanctions to help Russia

Ministry of Industry and Trade: U.S. sanctions to help Russia

Russia's Ministry of Industry and Trade said the new U.S. anti-Russian sanctions, which entered into force on March 18, are promoting import substitution in domestic technological chains, RBC writes.

"The money for imports will stay in the country and will be used to pay the wages of employees and develop new technologies and industries," the ministry stressed.

The Ministry of Industry and Trade recalled that sanctions have been used as a lever of pressure for a long time, the West imposed sanctions against the USSR as well, "which did not prevent the country from developing." The ministry stressed that "the sanctions pressure did not start on March 2," when the administration of President Joe Biden announced the latest restrictions.

The Ministry of Industry and Trade of Russia prepared the first import substitution schedules against the background of Western sanctions in 2014, the task was to reduce the share of imported electronic component base in the Russian market from 82 to 44% by 2020. In addition, plans were approved for import substitution in such industries as civil aircraft construction, machine tool industry and the radio-electronic industry.

In the aviation industry, the share of imports was previously up to 78%, and now, "aircraft will be 98% Russian-made"

"The import substitution programs are being implemented in several stages during the period 2019-2023. The introduction of sanctions did not have a significant impact on the Russian helicopter industry," the Ministry of Industry and Trade said.

 It is planned that GLONASS vehicles will be 100 percent Russian-made by 2025.

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